?????§é????+YCCï¼?ç¾????¨è´§å¸??¿ç????°æ??

????为ä?ä¹??¥è?é¢??????????´è?å¸??ºæ?¾ä?ä¸??£æ?ï¼?å°½ç?2??ç¾??½æ?¸å?CPI???è¶?é¢???ä¸?æ¶??ä½?ç¾??¡å??ç¾??ºæ?¶ç?????½å?ºç?°æ???¾ç??ä¸?涨ã????ä»??为ç?è°·é?¶è?äº?件ä???ï¼?ç¾????¨ç??è´§å??¿ç????½è??¥ä?ä¸?ä¸??°é?¶æ??????§é????+?§å?¶å?ºå?¸æ?¶ç????ä¸?æ¶??类似äº??¥æ??¤®è¡????¶ç?????§å??CC?¿ç?ï¼?ï¼??¢è??§å?¶ä?ç²??§å??足é??????ä¸???å¼¹ï?è¿?è¦??§å?¶ç??ºæ?¶ç????ä¸?涨ç??空é?´ã???¿å??导è?´å??ä¸??¶è???è´þB?¢æ??失è?ä¸?æ­¥æ?©å¤§????æ­¤ï???ä»??ä¸???ç¾????¨æ??好ç??????·¯å¾????½æ????å¸??ºå¦¥????????5bp??

??????ä»??认为ç¡?è°·é?¶è?å¸þ=?¥ç???²å?»è?½å?è¿?½¿ç¾????¨è½¬????å°½ç?å¸??ºä?对ä?ç¡?è°·é?¶è?????»¥????ç»????µç????忧ä?ç»?äº??³ï?ä½?????ä»??为è?次ä?件ç??å½±å????æ³?ä¸?2008å¹´é?·æ?¼å??å¼?以å??2020å¹????????²å?»å?²å?»ç?¸æ??并è?ï¼???ä¸?ç¾????¨å??ç¾??½å?款ä??©å???¸ï?FDICï¼????????½è¶³å¤?è¿????????³ã??èµ?产价?¼ç??大å?æ³¢å?¨å¹¶???¿ç?è½?????å¿?è¦??¡ä»¶ï¼?ç¾??½è´§å¸?å¸??ºæ??¨æ?§æ?¡ä»¶??稳å???????¨ä????¿ç?å®???????è¦?ç­¹ç????

????ä½????°é?åº?大ç??è´þB?¢æ??失å???½å??è¿?½¿ç¾????¨è???CC???¶æ?????¹æ??DIC???°æ?????为å?©ç??大å?ä¸?æ¶??????022å¹´ç???季度ï¼?ç¾??½å??ä¸??¶è?è¯??¸æ??èµ???è´þB?¢æ??失è?³å???6200亿ç?????ç¡?è°·é?¶è????????ç¾????¨æ??æ³??¨å?æ­¤å??è§?ä¸?管â????è¿????¨å?ºä???对é?¶è?æµ??¨æ?§ç??????å·¥å?·ï???ä»??å¾?è¿????½æ???å¤???ï¼?ç¾????¨å????½æ¨¡ä»¿æ?¥æ??¤®è¡?ï¼?è¿??¥ç±»ä¼?CC???¶æ???????§å?¶å?©ç????å°¤å?¶æ???¿ç??©ç????ä¸?涨å?åºþ:????????????满ç??§ç???°ç?¶ï???ä»??ä¸???ç¾????¨ç????ä¼????©æ?????§å??ºé?????25bp?????è¡???ä½???

????????å§?ç»???023å¹´ç????¨ç?ä¸?è¿??»ç??è¯?é¢???????????è¾?????ï¼???????ä»???å¾?大差è·?ï¼?????ä¾??§ç??§å??足ï?

?????¸å????¡ç???ä»????¸å?????主è??¨æ????2???¸å???????????æ¯???ç»???温ï???æ¯?å¢???????.0ï¼?ï¼????¼ä¸º1.3ï¼?ï¼?ï¼?å¤??°å??????ä¾?åº??¡ä»¶??ç»??¹å?????¸å?????è´¡ç????.1ï¼?è½?¸º0ï¼?ä½???è­þ=??äº???è½þ?»·?¼é??è¿?å¸??ºæ??å¸þ=?¥ç???¸å?????????ä¸?è¡????????¸å????¡æ?¹é???2???????0.6ï¼?ï¼?????.5ï¼?ï¼?ï¼???æ¯?å¢???????.3ï¼?ï¼????¼å??7.2ï¼?ï¼????¸å????¡å?©æ?¨é????ä½??¨æ??ç»??¾ç?°ã??

????ä¸????´ä???????¾ç?????æ­¥â??å¤??ï¼?????大é??主â????¸´???????ç»?????å¸þ=?¥å??????2??å¹³å???¶è?????å¢???.24ï¼?ï¼??¸è?äº?1??0.27ï¼??¥ä???å°½ç?å¹³å???¶è?????????022å¹???以æ?¥æ??å°?å¢?å¹?ï¼?ä½?2023å¹???ï¼?ç¾??½ç?人è?ä¸?å¹³å???¶è????æ¯?å¢???4.43ï¼?ï¼?1??ä¸?.81ï¼?ï¼?ï¼???æ¯?å¢???ä»??¶é?涨ã??å°±ä?å¯??????????¡é?¨é?¨è???å¢?????è¿?ä¸?æ­¥ä?涨å?????????¡ä?å¢???å±?é¦?ä½???ä¼??²å????åº?ä¸??????????æ¯?å¢???ä»??¥è?7ï¼?ï¼????å¢???????.29ï¼?ï¼?????0.05ï¼?ï¼???ä»????å¢????¥ç??ï¼???è¦?è¿?ä¸?步继ç»?¤§å¹??¾ç???

????äº???ä½??¿ç???è¶?强é?§æ?§é?¾è§£?????????¾é??????????9?¥ï?ç¾???0å¹´æ?µæ?¼è´·æ¬¾å?©ç????ç»??ä¼?ä¸???¸¦?¨å?æ°?è´??¿æ???¿ä???ï¼??¿å?ä»·æ?¼æ???°å¤§å¹????½ã???¿å????ºç???空置???½å?äº????²å?°ä???ä½??±ä??¿å???????项æ?¾ç?°æ??æ»?????åº?ï¼?ç¾??½ä??¿ç???CPI??项ä??§é?ä¼?ä¸?没æ??ç¼?解迹象ï??¸æ?¾é?§æ?§ã??2??ç¾???PIä½??¿ç?????项å??æ¯?å¢?å¹?????.2ï¼?ï¼?????.0ï¼?ï¼?ï¼????å¢???????.7ï¼?ï¼?ä½??¿å???????è´¡ç????ç»??¾ç?°ã??

????ä¸???äº???è½þ?»·?¼å??å¼¹å??强é????ä¸?è¡?é¢?????æ­¤å???¸å?????ä¸?è¡???ä½??¨å????äº???汽车???¡è½¦ä»·æ?¼ç???¾ç?驱å?¨ã??2??份ä???è½þ?»·?¼ç??????份â????å¤?????????继续???ä¸?æ¶?.3ï¼?ï¼?????021å¹???以æ?¥æ??大ç???涨å?ï¼?ç»?????å¸þ=?¥ä?è¡?é£??©ï???0??11ï¼???

???????¨å???¶æ??å¸??´å????å®??????»è???ç¾??½æ?¹é?¢å°½ç®¡å?ºç?°æ??¨æ?§é???ï¼?ä½?å¦???并é???¨å??§å?±æ?ºå??ç¾????¨å??????ç»?ç«?³°?¼ä?å°????³ä???????æ¼????????????¨å????°å·¥??TFP?????½ï?ç¡?è°·é?¶è??´äº§??å¤?溢影??????ï¼?ç»?äº????¨æ?´å????稳å??????????????»¥??å®?å¿????°é???°é?????»è???

????å¸??ºæ?¼æ³¨??????ä¸????????ä½???ä»??ä¸????????åºþ???§ç»´??25bp??å°½ç?å¸??ºæ?¼æ³¨ç¡?è°·é?¶è??????è¿?½¿???¨ä????????ä½????äº?件å?²å?»ç??å½±å??深度è¿?ä¸???2008å¹´é?·æ?¼å??å¼??????¶å?¨è?产价?¼å¹¶??¤§å¹?æ³¢å?¨ç??????ä¸?ï¼????¨ä?å°????????°å???ï¼?3??????5bp??

????é£??©æ??示ï??°å????æ¯???å¼?导è?´ç????失æ??ï¼?ç¡????ä¾?大ç????导è?´ç??½ç?æµ?????å°???ï¼?ä¿?ä¹?å±??¿å¤±?§é????大å?????ä»·æ?¼å?§ç??æ³¢å?¨ã??